When you find a suitable property, after signing a temporary sale and purchase agreement, you can apply for a mortgage loan from the bank according to the following procedures:
- Complete the mortgage application form and submit relevant supporting documents (see Question 2).
- After receiving the mortgage application, the bank will first arrange a valuation for the building, and then approve the mortgage loan based on the valuation and the applicant’s ability to repay.
- If the loan application is approved, the bank will:
– Arrange for lenders to sign letter of loan conditions.
– Letter to inform lawyer to prepare mortgage deed. - After the client signs all the deeds, the law firm will notify the bank, and the bank will deliver the loan to the law firm to arrange for the seller to complete the transaction.
- The bank sends a repayment process form to inform customers of the details of the principal, interest and balance paid each month.